Gold continues to rise and generates expectations among investors and industry experts.

The price of gold continues to rise and has generated expectations among investors and experts in the sector. According to recent analysis, it is expected that the upward trend of this precious metal will continue during the second half of 2024, although it is considered unlikely to reach the $3,000 per ounce barrier. The fundamentals supporting this escalation include factors such as expectations of monetary relief, geopolitical tensions in various regions of the world, and gold purchases by central banks, especially led by China. Currently, spot gold is trading around $2,300 per ounce, after reaching a historic high of $2,449.89 on May 20, representing an 11% increase so far this year. Ruth Crowell, from the London Bullion Market Association, has highlighted the significant influence that China has on the price of gold, being one of the main drivers of this trend. Traditionally, gold has been considered a safe haven against geopolitical and economic risks, especially in a low-interest rate environment. In addition, it is expected that the physical demand for gold will remain strong, although the entry of retail investment demand, such as exchange-traded funds, is still awaited, mainly in the United States. Experts like Amar Singh, from StoneX, predict that gold prices could easily reach between $2,600 and $2,700 during the course of this year. As investors seek clarity on possible interest rate cuts by the US Federal Reserve and with the approaching elections in November, market volatility in the gold market is expected to increase. Despite the predominantly bullish stance held by analysts and traders regarding gold, the possibility of the price of the precious metal exceeding $3,000 per ounce currently seems distant. Nikos Kavalis, from Metals Focus, has pointed out that, while there is no specific factor hindering the rise of gold, reaching the $3,000 mark would represent an additional 30% increase from current levels, which could be a challenge considering the already significant gains the metal has experienced in recent times. In summary, the upward trend of gold continues, but $3,000 per ounce seems out of reach at the moment.